A TIM (TIMS3) is close to picking banks to support it in a bid to buy private equity group KKR and may even determine mandates this weekend, two sources said Saturday.
A special committee set up to study the KKR’s non-binding approach, valued at €33 billion including debt, met on Friday and will do so again over the weekend, the sources said. KKR’s approach was made public on November 21st.
Many banks are still fighting for an advisory role in what would be Europe’s biggest private equity deal. Bank of America and Barclays are among the favourites, the sources said.
The sources also said that no decision has been taken yet.
TIM declined to comment. Banks were not available for comment at first.
Divisions within Italy’s biggest telephony group are making TIM’s response to the KKR’s proposal difficult, after a dispute between shareholders last week forced Luigi Gubitosi to step down as CEO.
Vivendi, TIM’s main shareholder, is pushing for a complete reshuffling of the board after Gubitosi refused to step down from the board, sources said – a move that prevented new CEO Pietro Labriola from being named CEO last week.
Labriola is expected to become CEO, but Gubitosi or another director needs to leave the board to make room for him.
Goldman Sachs, IMI and Bank of America had been lined up for a possible role to advise TIM before Gubitosi resigned as CEO, sources said earlier.
Source From: Moneytimes
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